Curefoods delays IPO plans amid West Asia uncertainty, explores private fundraise: Sources

Ankit Nagori-led food services company Curefoods has delayed its planned initial public offering (IPO) amid rising geopolitical tensions in West Asia and is now evaluating a fresh pre-IPO funding round, sources told CNBC-TV18.

The news on IPO delayed was first reported by Economic Times. Sources have further told CNBC-TV18 that the company has adopted a wait-and-watch approach as it assesses the impact of developments in the region on global markets and investor sentiment before proceeding with its public market debut.

The latest development marks another shift in Curefoods' listing timeline. Sources said the company had initially hoped to complete its IPO around Diwali last year but deferred the plan as market conditions turned unfavourable.

The company is now exploring a pre-IPO capital raise while reassessing the timing of its public issue, sources added.

The move comes months after Curefoods raised ₹160 crore in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. According to regulatory filings, the company allotted 1.28 crore shares at ₹124 apiece, with the transaction set to be adjusted against the fresh issue portion of the proposed IPO under SEBI regulations.

Curefoods filed its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025. The proposed issue comprises a fresh issue of up to ₹800 crore and an offer-for-sale of 4.08 crore shares by existing shareholders. Founder Ankit Nagori will not participate in the OFS.

Earlier, CNBC-TV18 had reported that Curefoods was targeting a Diwali listing and had shortlisted JM Financial, IIFL Capital Services and Nuvama Wealth Management as bankers for the issue. Sources had indicated the company was looking to raise ₹1,400-1,500 crore through a combination of fresh issue and offer-for-sale.

Founded in 2020 by former Flipkart executive Ankit Nagori, Curefoods has emerged as one of India's largest multi-brand food services platforms. The company operates brands including EatFit, CakeZone, Frozen Bottle, Sharief Bhai Biryani, Olio, Great Indian Khichdi, Nomad Pizza, Millet Express and Chaat Street, along with Krispy Kreme's India operations.

The company has scaled rapidly over the last few years. Four of its brands — Olio, EatFit, CakeZone and Sharief Bhai Biryani—have already crossed a ₹100 crore revenue run rate.

As of March 2025, Curefoods operated 502 service locations across more than 70 cities, including cloud kitchens, restaurants, kiosks, warehouses and central kitchens.

Financially, the company has shown strong growth. Revenue rose to ₹635 crore in FY24 from ₹411.5 crore a year earlier, while losses narrowed to ₹172.6 crore from ₹342.7 crore in FY23. According to its DRHP, Curefoods reported revenue of ₹745.8 crore in FY25 and has become one of the fastest-growing food services companies in the country.

In December 2024, Curefoods had raised $40 million in a Series D round backed by existing investors including Iron Pillar, Chiratae Ventures and Three State Ventures, while bringing on board new investors such as Shinhan Group and Landmark Group. The company had planned to use IPO proceeds to expand its network of kitchens, kiosks and restaurants, repay debt, fund working capital requirements and support future growth initiatives.